Bankwest introduces new Low Doc Home Loan
Bankwest Low Doc Home Loan
Effective 1, August 2009
Introducing the Bankwest Low Doc Home Loan.
This new loan will be replacing the Easy Doc Home loan as from 1, August 2009. The Low Doc Home Loan is a variable rate home loan product for self-employed borrowers who are unable to provide up to date financial information. The Low Doc can be used for the purchase, refinance or construction of Owner Occupied or Investment residential property, or for any personal investment purpose. The interest rate of the new Low Doc Housing Loan is tiered based on the LVR. Customers with an LVR of under 60% will receive a discounted rate. The new Bankwest Low Doc Home Loan has been created to ensure we remain competitive, so we are the preferred choice for customers who need more flexibility in a home loan.
Bankwest Low Doc Interest Rates
LVR RATE Rate % (p.a.)
LVR greater than 60% Low Doc Variable Reference Rate 5.70% (Comparison Rate 5.75%)
LVR less than or equal to 60% Low Doc Variable Reference Rate less 0.5% 5.20% (Comparison Rate 5.25%)
Key Features
* Loan size is $20,000 and the maximum loan size of $2.5 million per loan without LMI or $1,000,000 per loan with LMI (subject to location limits-refer QBELMI location guide).
* The SLM stays the same as the current Easy Doc Home Loan, max 60% without LMI and max 80% with LMI – this will differ for country and regional areas.
* A 100% offset account is available. Monthly offset fee of $15 applies.
* A valuation must be completed with all deals.
* After two years of satisfactory conduct the Bankwest Low Doc Home Loan can be transferred to any of our other home loan products. The standard transfer policy and fees apply.
* Customers can’t transfer from their existing Easy Doc Home Loan into the Bankwest Low Doc Home Loan.
* The standard $700 application fee applies to this home loan product.
* Customers are able to withdraw a minimum $1000 per transaction via home loan access, and have access to free online redraw.
Requirements
The following income documents are still required for a Low Doc Housing Loan:
* Bankwest issued Self-certified Income Declaration required for ALL borrowers in all cases.
* Verification of business status ie: ABN/ACN (must have been registered for a min of 2yrs for deals over 60%)
* At least one borrower must be self employed.
* Any PAYG joint borrowers must provide full proof of income.
Ensure that you get an accurate security value from your customer. It is important that you inform your customer during the application process that if the valuation comes back less than expected it may increase the LVR to above 60% that would then require LMI approval and the interest rate on the product would be the standard Low Doc rate, not the discounted rate.
Bankwest Low Doc Home Loan Q&A’s >
Product Profile >
Self-certified Income Declaration >
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